Statement of Cash Flows

Zowine Company's condensed income statement for the year ended December 31, 20-2, was as follows:

Net sales	$765,000
Cost of goods sold	550,000
Gross profit	$215,000
Operating expenses	30,000
Income before taxes	$185,000
Income tax expense	65,000
Net income	$120,000

Additional information obtained from Zowine's comparative balance sheets as of December 31, 20-2 and 20-1, was as follows:

	20-2		20-1
Cash		$60,000		$20,000
Accounts receivable		70,000		100,000
Merchandise inventory		80,000		125,000
Accounts payable		55,000		90,000

The following additional information was obtained from Zowine's financial statements and auxiliary records for the year ended December 31, 20-2:

Acquired a new warehouse	$120,000
Bought new warehouse equipment	80,000
Issued a note to the bank	40,000
Issued additional common stock:
Par value	50,000
Paid-in capital in excess of par	20,000
Declared and paid cash dividends	30,000

Required:

Prepare a statement of cash flows for Zowine for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows.